Assignment_1 - Assignment # 1 Dipenkumar D Patel...

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Assignment # 1 Dipenkumar D Patel 111-00-2949 Problem E1-19 a. Common stock b. Income tax payable c. Dividends d. Income tax expense e. Ending balance of retained earnings f. Total assets g. Long Term debt h. Revenue i. Cash spent to acquire the building j. k. Adjustments to reconcile net income to net cash provided by operations l. Ending cash balance m. Net income Statement of income Revenues 1. Company sales $ 7000 2. Advertisement $ 200 3. Total revenue $7200 Expenses 1. Cash spent to acquire the building $ 3000 2. Payroll and employee benefits expenses $ 1000 3. Other expenses $ 500 $4500 4. General and administrative expenses $300 5. Total expenses $4800 6. Operating profit $2400 7. Interest expenses $150 8. Income before income taxes $2250 9. Income tax expenses $200 10. Net income $2050 Statement of Retained Earning:- 1. Balance beginning of the year $3000 2. Net income $2050 3. Less: Dividends $800 4. Balance end of the years $4250
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This note was uploaded on 10/15/2011 for the course MANAGMENT actg500 taught by Professor Jballa during the Spring '11 term at Northern Virginia.

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Assignment_1 - Assignment # 1 Dipenkumar D Patel...

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